Whale buying signals positive market sentiment as Bitcoin shows steady growth at $26,799.
Bitcoin whales have been actively acquiring the cryptocurrency in the market over the past two months, accumulating nearly $3.5 billion worth of BTC since early April. Despite a perceived decline in BTC’s value, these large holders remain bullish on the long-term prospects of Bitcoin.
Bitcoin whales continue to accumulate the cryptocurrency, as Santiment reports a significant $3.5 billion influx into wallets holding 1,000 to 10,000 BTC since early April, despite the recent price drop.
š³ #Bitcoin's whales have been busy while the crowd watched prices dwindle these past two months. Now back above $27k once again, it's far from coincidence that wallets holding 1K to 10K $BTC have accumulated a combined $3.5B since the first week of April. https://t.co/LUEaQLeXTy pic.twitter.com/z8U5tCa9OQ
— Santiment (@santimentfeed) June 20, 2023
Witnessed
Whale buying signals positive long-term outlook, with Santiment observing divergent reactions to Blackrock and SEC litigation and increased BTC whale trades.
BlackRock’s application for a spot Bitcoin ETF with the SEC contributes to Bitcoin’s upward momentum. The move by the investment firm signals increasing institutional interest in the cryptocurrency.
Bitcoin’s price of $26,799 shows consistent growth near the $27,000 mark. Additionally, Bitcoin’s dominance, which measures its market capitalization compared to the overall cryptocurrency market, has surpassed 50%. As per CoinMarketCap, the total value of all Bitcoin in circulation is currently $522 billion.
Michael Saylor predicts that Bitcoin’s dominance in the cryptocurrency market will surpass 80% due to increasing government actions against other digital currencies. While the SEC has categorized 68 cryptocurrencies as securities, Saylor highlights Bitcoin’s widespread recognition as the industry’s leading digital asset.
Important:Ā This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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